Direct Debits??

Question

Right, my bill says the money will be taken out of my account on or after 2nd July. What happenes if the money isn't in on the 2nd?? Say if the money goes into my account for 3rd, will they take it then or will my bank charge me??

I'm a bit new to direct debits, and previously the money has always been in my account for the date shown.

Thanks is advance for your help!!

Answer 1

Hi I worked in a Bank for 11 years and this is how it works with direct debits the company who you set the direct debit up with has control off the date that they request your payment from the Bank. Normally they will request the money at 1 minute past midnight on the 2nd if the money is not in there then the Bank will charge you a fee. The best thing to do is arrange a £100 stand by overdraft and then you will not be charged the first £ 100 is normally interest free. Hope this helps- if you want to control the date that money goes from your account they standing orders are better as you control them and can change them

Answer 2

If you have some money in the account on the 2nd, even if it is a small amount, they may pay the DDR. But be warned they could charge for 1, for going overdrawn and 2, allowing the DDR to be paid.

If they do not allow the DDR to be paid they will still charge you for an unpaid and returned DDR.

So whatever happens you will get charged.

When you find out what charges have been incurred and this is the first time this has happened it may be wise to contact the bank and they may out of goodwill refund the charges on this occasion

Answer 3

The bank will probably charge you. You do have some other options which may prevent you from being charged. You can cancel the direct debit, or if that is not the correct date for the payment to be taken then you can dispute this with your bank and tell them you do not want this item taken from your bank on this date. You are far better off under these circumstances in contacting the originator (person collecting from you) and asking for them to change the date to one that suits you better. It is in their interests to do so as a failed collection can cost them a wasted transaction charge and admin time. (I work for Direct Debit Ltd.)

Answer 4

If the money isnt there - your bank may allow it once and then charge you or they wont allow it and the company will send you a letter saying they couldnt take the money and then try again at a later date. The long term solution is to ask the company to take it out a few days later or make sure the money is in your account from the previous month!

Answer 5

If the money is not in your account on the 2nd and they try and take the DD out you will be charged, probably about £30.
Hopefully they might take it on the 3rd. Why dont you ring the company and see if you can change the date to be on the safe side?

Answer 6

If the money is not in the account on the date the direct debit is requested, there may be a charge.

If there is, speak to the bank, as long as you have never been overdrawn and incurred a charged before I think they may waiver it as a gesture of goodwill.

Answer 7

You will most likely be charged an overdraft fee by your bank. Direct debits are hard to manage sometimes. You would be wise to deposit some extra money to your account to be sure there is enough money there when it needs to be.

Answer 8

It's hassle if the money is not in the account on the due date - either have it in on time, or set up a temporary overdraft for a few months until you set yourself up to make sure you can cover it ahead of time.
It'll be cheaper in the long run, and won't show on your credit record, whereas a default will.

Answer 9

You will get charged a flat rate, sometimes if you go over by 99p you will be charged twenty five quid. Best to keep money in there or dont bother with direct debits they are nothing but trouble.

Answer 10

If they go to take it on the second and it is not there then you incur heavy bank charges.
Best get the money in or arrange an overdraft.



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